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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] Hyundai Motor’s India unit has been ordered to pay more than INR 220 million (approximately KRW 3.4 billion) in customs duties and penalties related to the import classification of in-vehicle air purifiers.
According to local media reports on April 22 (local time), the company said it received the order from the Chennai Customs Authority on April 21.
The penalties stem from a dispute over tariff classification during the import process. Customs authorities determined that the company had misclassified the air purifiers under a category subject to a lower duty rate of 7.5%, resulting in underpayment of customs duties.
In a regulatory filing, the company stated that the air purifiers had been incorrectly classified and subjected to the reduced 7.5% tariff rate, leading to a shortfall in duty payments.
Authorities imposed additional duties of approximately INR 72.7 million, along with interest accrued over the relevant period. An equivalent amount of penalty (INR 72.7 million) was also levied, along with a further recovery penalty of around INR 74.7 million. The total financial impact exceeds INR 220 million.
Hyundai Motor India said it is currently reviewing the details of the order and indicated it may pursue legal action, including an appeal, depending on the outcome.
메디컬투데이 Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
[ⓒ 메디컬투데이. 무단전재-재배포 금지]
